- Chainlink price breaks trendline support, signaling deeper downside risk ahead.
- Crypto analyst Ali projects LINK could drop to the $7.50 level.
- Market-wide crash triggered by 104% U.S. tariffs on China.
Chainlink’s (LINK) price has continued to slide, following a broader market decline observed this week. LINK recently dropped below the $15 support, posting a weekly decrease of over 15%. The ongoing downtrend has raised concerns over a possible break below the $10 mark.
A sharp decline under this support could open doors to extended losses. While a short-term rebound is still possible, bearish momentum in the market persists. The crypto market across the world has exhibited declining values simultaneously. The market cap holds $2.46 trillion at present showing a 2.01% decrease daily. The trading volume experienced a substantial decrease of 21% and reached $129.94 billion.
Crypto Analyst Predicts Chainlink Price Drop to $7.50
Expert Ali stated that the Chainlink crypto price took a bearish turn after the price dropped below its upward trending line. The price has failed to defend itself against the rising support’s position.
The confirmed breakdown prompted Ali to identify two essential levels that would determine the future trend. LINK price has a potential range of $10 to $7.50 based on his analysis for when downward force maintains its strength.
The price reversed sharply in its descent when it broke through the long-standing trendline after exceeding $20. The technical indicators signal that LINK might move down further unless it swiftly restores its previous value. Investors in the market will observe $10 as the key upcoming support level, while $7.50 acts as the secondary fallback point.
Tariffs Trigger Sharp Global Crypto Crash
The implementation of tariffs in the market led to a sudden downfall across the global cryptocurrency sector. A crypto market downturn followed when the White House declared that 104% tariffs on Chinese goods had started operating.
Bitcoin maintains a price mark of $76,000 as Solana rests at $10,5, while Ethereum lags below values from April 7. A total market capitalization of $2.56 trillion marks the current value, where $411.3 million was liquidated throughout 24 hours.
World Liberty Finance executed a sale of 5,400 Ethereum tokens which brought in $8.01 million following their total losses exceeding $125 million. Solana introduced ZK-powered balances as congress in Argentina initiated an investigation into LIBRA after public officials got caught in the scandal.
Chainlink Price Struggles Below $12; Key Levels to Watch
As of the reporting, the LINK price hovered at $11.38 after failing to break the $12.00 resistance. The LINK registered a narrow decline of 2% over the recent 24 hours. The Relative Strength Index (RSI) showed a reading of 46, indicating that LINK remains in neutral territory.
Meanwhile, the Moving Average Convergence Divergence (MACD) line moved just above the signal line. The histogram flipped positive, suggesting a potential bullish crossover. Key resistance is visible at $12.00, followed by major levels at $13.00 and $14.00. If bulls manage to reclaim $12.00, LINK could target $13.00 in the near term. A sustained push above $14.00 may open the door to the Chainlink cryptocurrency hitting $15.00.
On the downside, immediate support lies at $10.00. A breakdown below this level could expose the token to further losses, with $7.00 and $8.00 acting as stronger support zones.
